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Ascend Wellness vs Cresco Labs: revenue, profit, margins and growth compared

Ascend Wellness brought in $500.6M of revenue in fiscal 2025, Cresco Labs $655.8M in fiscal 2025. Revenue changed by -10.9% at Ascend Wellness and -9.5% at Cresco Labs on the year before, so Cresco Labs grew faster. Ascend Wellness kept -23.6% of its revenue as net profit, Cresco Labs -20.6%. Free cash flow was $12M at Ascend Wellness and $37.8M at Cresco Labs.

Side by side, latest fiscal year

AAWHCRLBF
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$500.6M$655.8M
Revenue growth-10.9%-9.5%
Net income-$118.2M-$135.4M
Net margin-23.6%-20.6%
Free cash flow$12M$37.8M
Free cash flow margin2.4%5.8%
Earnings per share (diluted)-$0.58-$0.38
Cash$85.7M$57.9M
Debt$319.5M$420.4M
Price to earningsn/an/a
Market value$116Mn/a
Dividend yieldn/an/a
Rank by revenue in sector#206 of 742 · Health care#185 of 742 · Health care

Over the years

Revenue
AAWH FY2019: $12MAAWH FY2021: $143.7MAAWH FY2021: $332.4MAAWH FY2022: $405.9MAAWH FY2023: $518.6MAAWH FY2024: $561.6MAAWH FY2025: $500.6MCRLBF FY2020: $128.5MCRLBF FY2020: $476.3MCRLBF FY2021: $821.7MCRLBF FY2022: $842.7MCRLBF FY2023: $770.9MCRLBF FY2024: $724.3MCRLBF FY2025: $655.8MFY19FY20FY21FY22FY23FY24FY25
AAWH $500.6MCRLBF $655.8M
Net income
AAWH FY2019: -$31.9MAAWH FY2021: -$25.4MAAWH FY2021: -$122.7MAAWH FY2022: -$80.9MAAWH FY2023: -$48.2MAAWH FY2024: -$85MAAWH FY2025: -$118.2MCRLBF FY2020: -$43.2MCRLBF FY2020: -$102.2MCRLBF FY2021: -$319.6MCRLBF FY2022: -$212MCRLBF FY2023: -$175.5MCRLBF FY2024: -$74.4MCRLBF FY2025: -$135.4MFY19FY20FY21FY22FY23FY24FY25
AAWH -$118.2MCRLBF -$135.4M
Net margin
AAWH FY2019: -265.1%AAWH FY2021: -17.7%AAWH FY2021: -36.9%AAWH FY2022: -19.9%AAWH FY2023: -9.3%AAWH FY2024: -15.1%AAWH FY2025: -23.6%CRLBF FY2020: -33.6%CRLBF FY2020: -21.5%CRLBF FY2021: -38.9%CRLBF FY2022: -25.2%CRLBF FY2023: -22.8%CRLBF FY2024: -10.3%CRLBF FY2025: -20.6%FY19FY20FY21FY22FY23FY24FY25
AAWH -23.6%CRLBF -20.6%
Revenue growth
AAWH FY2021: +1,094.6%AAWH FY2021: +131.3%AAWH FY2022: +22.1%AAWH FY2023: +27.8%AAWH FY2024: +8.3%AAWH FY2025: -10.9%CRLBF FY2020: +270.5%CRLBF FY2021: +72.5%CRLBF FY2022: +2.6%CRLBF FY2023: -8.5%CRLBF FY2024: -6.0%CRLBF FY2025: -9.5%FY20FY21FY22FY23FY24FY25
AAWH -10.9%CRLBF -9.5%
Free cash flow
AAWH FY2019: -$82.6MAAWH FY2021: -$32.4MAAWH FY2021: -$130.2MAAWH FY2022: -$120MAAWH FY2023: $51.1MAAWH FY2024: $50.8MAAWH FY2025: $12MCRLBF FY2020: -$116.9MCRLBF FY2020: -$95MCRLBF FY2021: -$79.4MCRLBF FY2022: -$64.3MCRLBF FY2023: $3.2MCRLBF FY2024: $113MCRLBF FY2025: $37.8MFY19FY20FY21FY22FY23FY24FY25
AAWH $12MCRLBF $37.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Ascend Wellness and Cresco Labs

Which is bigger by revenue, Ascend Wellness or Cresco Labs?

Cresco Labs is bigger by revenue: $655.8M in fiscal 2025, against $500.6M for Ascend Wellness in fiscal 2025.

Which keeps more of its revenue as profit, Ascend Wellness or Cresco Labs?

Ascend Wellness had a net margin of -23.6% in fiscal 2025; Cresco Labs had -20.6% in fiscal 2025.

Which grew revenue faster, Ascend Wellness or Cresco Labs?

In their latest fiscal years revenue changed by -10.9% at Ascend Wellness and -9.5% at Cresco Labs.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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